The SEC’s tagging of cryptocurrencies as securities has greatly affected the crypto market causing Algorand and Flow to hit historic lows on June 10.
The United States securities regulator designated a slate of cryptocurrencies as securities in recent lawsuits including Algorand ALGO and Flow (FLOW) which hit all-time price lows following the declaration.
Last week the Securities and Exchange Commission (SEC) sued crypto exchanges Binance and Coinbase on June 5 and 6 respectively. In the process, it labeled 16 new cryptocurrencies as securities, including FLOW and Internet Computer ICP
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